{"schema_version":"1.0","name":"SCND Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"9590f1c3-d629-4636-aafa-ece703e3caf6","symbol":"SCND","name":"BetaPro -3x S&P/TSX 60 Daily Leveraged Bear alternative ETF","exchange":"TOR","country":"CA","asset_type":"etf","currency":"CAD","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and remains below zero. The broader path remains constructive, so one softer week does not by itself establish weakening confirmation. Price structure remains downward.","sections":[{"name":"Executive technical read","description":"Completed-week price state, Market Dynamics alignment, current price and the principal technical KPIs."},{"name":"Market Dynamics","description":"The proprietary relationship between completed price, underlying support, positioning zones and confirmation."},{"name":"Ticker evidence record","description":"Current application, comparable historical conditions, zone outcomes and practical review conditions."},{"name":"Adaptive technical evidence","description":"Six condition-selected views: Trend, acceptance and volatility envelope, Drawdown and recovery pressure, Activity pressure and cumulative balance, Directional strength and control, Range position and boundary pressure, Directional pressure and rotation."},{"name":"SM Tape Intelligence","description":"Resolved consensus with Control, Force, Direction and Confirmation gauges against completed price."},{"name":"Research boundary","description":"Dated scope, interpretation limits, methodology version and source references."}],"research":{"available":true,"asOf":"2026-08-21","observations":54,"displayedObservations":54,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics weakened this week and remains below zero. The broader path remains constructive, so one softer week does not by itself establish weakening confirmation. Price structure remains downward.","evidenceAlignment":{"status":"Countertrend conflict","headline":"Improving Market Dynamics is challenging the downward price structure","summary":"Market Dynamics weakened this week and remains below zero. The broader path remains constructive, so one softer week does not by itself establish weakening confirmation. Price structure remains downward.","take":"This is an early challenge rather than a confirmed reversal. Price must respond to the improvement before the downward technical state can be considered 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evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-4.2,"sample":1},{"week":2,"averageReturn":-4.4,"sample":1},{"week":3,"averageReturn":-5.5,"sample":1},{"week":4,"averageReturn":-8.2,"sample":1},{"week":5,"averageReturn":-9.9,"sample":1},{"week":6,"averageReturn":-10.7,"sample":1},{"week":7,"averageReturn":-12.5,"sample":1},{"week":8,"averageReturn":-14.5,"sample":1},{"week":9,"averageReturn":-14.0,"sample":1},{"week":10,"averageReturn":-14.7,"sample":1},{"week":11,"averageReturn":-16.4,"sample":1},{"week":12,"averageReturn":-20.3,"sample":1},{"week":13,"averageReturn":-24.1,"sample":1},{"week":14,"averageReturn":-21.4,"sample":1},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"dynamicsAhead":{"label":"Price cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":1,"completedEpisodes":1,"activeEpisodes":0,"medianExpectedMove":4.7,"averageExpectedMove":4.7,"averageWeeksToLargestMove":1.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":0,"expectedPercent":0.0,"averageReturn":-9.3,"medianReturn":-9.3,"confidenceLow":0.0,"confidenceHigh":79.3,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":0,"expectedPercent":0.0,"averageReturn":-19.2,"medianReturn":-19.2,"confidenceLow":0.0,"confidenceHigh":79.3,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-4.7,"sample":1},{"week":2,"averageReturn":-10.6,"sample":1},{"week":3,"averageReturn":-7.9,"sample":1},{"week":4,"averageReturn":-9.3,"sample":1},{"week":5,"averageReturn":-7.7,"sample":1},{"week":6,"averageReturn":-9.6,"sample":1},{"week":7,"averageReturn":-13.4,"sample":1},{"week":8,"averageReturn":-13.6,"sample":1},{"week":9,"averageReturn":-14.6,"sample":1},{"week":10,"averageReturn":-17.0,"sample":1},{"week":11,"averageReturn":-18.6,"sample":1},{"week":12,"averageReturn":-19.2,"sample":1},{"week":13,"averageReturn":-20.9,"sample":1},{"week":14,"averageReturn":-22.7,"sample":1},{"week":15,"averageReturn":-22.2,"sample":1},{"week":16,"averageReturn":-22.9,"sample":1},{"week":17,"averageReturn":-24.4,"sample":1},{"week":18,"averageReturn":-27.9,"sample":1},{"week":19,"averageReturn":-31.4,"sample":1},{"week":20,"averageReturn":-28.9,"sample":1},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":0,"completedEpisodes":0,"activeEpisodes":0,"horizons":[{"weeks":4,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"sample":0},{"week":2,"sample":0},{"week":3,"sample":0},{"week":4,"sample":0},{"week":5,"sample":0},{"week":6,"sample":0},{"week":7,"sample":0},{"week":8,"sample":0},{"week":9,"sample":0},{"week":10,"sample":0},{"week":11,"sample":0},{"week":12,"sample":0},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Countertrend conflict","tone":"caution","headline":"Market Dynamics is repairing against a downward price structure","use":"The downside structure remains in place, but improving Market Dynamics weakens that case. A positive price response is needed to confirm the repair.","confirm":"This is an early challenge rather than a confirmed reversal. Price must respond to the improvement before the downward technical state can be considered resolved.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"accumulation","zoneContext":"Price is within accumulation conditions, but the completed tape has not yet confirmed a recovery. The zone is a watch area rather than a directional signal.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Slightly easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"The broader path remains constructive, so one softer week does not by itself establish weakening confirmation."},"priceContext":{"label":"Price remains in a downward structure","detail":"Improving Market Dynamics has not yet produced a positive price response."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 20.3% across 1 completed cases, with the largest move arriving after 12.0 weeks on average.","approach":"Avoid adding simply because price is rising. Let improving Market Dynamics confirm the move, or let price reset before reassessing it.","watch":"The warning ends when Market Dynamics catches up or price gives way."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"close":[19.8,19.42,18.48,17.63,17.12,16.67,16.66,15.38,16.5,16.13,15.63,15.74,16.37,16.2,16.08,14.36,14.2,13.98,13.65,13.45,13.69,12.68,12.41,12.66,13.75,13.24,12.48,11.67,11.36,12.19,12.88,14.12,13.45,12.01,11.45,10.74,11.06,10.89,11.08,10.86,10.4,10.38,10.26,9.97,9.78,9.7,9.5,9.28,9.34,9.26,9.08,8.66,8.24,8.54],"consensus":[30.7692,-100.0,-100.0,-58.0,-81.0261,-79.138,-38.8962,-94.2528,0.0,-52.1838,-71.4797,-21.7901,0.0,-13.5877,0.0,-86.3378,-48.8496,-56.5604,-62.4287,-39.1225,-14.3848,-74.8817,-53.1022,-25.5737,28.8489,-38.1379,-50.4197,-74.664,-58.2893,0.0,29.7463,63.8357,0.0,-56.5075,-52.0652,-64.8607,-16.0606,-47.0997,-20.9007,-38.2869,-54.1281,-21.685,-21.5531,-39.2215,-36.7636,-34.6845,-50.9744,-40.4134,-29.4971,-50.8751,-42.7939,-62.964,-75.4127,-11.1757],"supportDates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"control":[null,null,null,-88.1119,-22.8842,-94.9749,0.0,-39.4141,-72.5059,-32.7763,0.0,-4.7521,0.0,-86.4363,-48.9655,-61.17,-59.4606,-30.3653,-0.82,-85.5188,-55.4612,-29.1203,30.434,-51.5002,-63.2732,-79.5058,-54.7563,0.0,22.1468,57.0017,0.0,-63.853,-53.6279,-74.8472,-3.5281,-54.2349,-24.2926,-55.6537,-66.785,-17.1158,-9.8982,-39.8952,-37.9953,-34.452,-61.7531,-41.3298,-29.2408,-60.1083,-46.179,-70.4673,-80.3982,-11.0311],"force":[-100.0,-58.0,-54.4765,-51.2948,-1.118,-99.1877,0.0,-47.7494,-60.8594,-15.6362,0.0,-3.476,0.0,-97.1239,-28.9076,-38.8693,-63.9349,-20.6221,-19.7595,-70.6312,-30.6248,-28.5772,84.841,-51.9426,-54.3994,-91.7466,-60.2371,0.0,73.8052,87.8145,0.0,-86.4295,-55.8113,-62.0635,-13.924,-32.4324,-5.1141,-27.3728,-43.5088,-1.9023,-2.7339,-20.9694,-16.2338,-12.2899,-30.8023,-20.1574,-3.685,-40.5756,-29.7932,-62.2954,-88.2547,-47.8739],"direction":[null,null,-99.9901,-88.7702,-85.7772,-89.9026,0.0,-69.9452,-77.8927,-35.9675,0.0,-30.9083,0.0,-78.5208,-62.9615,-63.9287,-64.7451,-62.3452,-54.2762,-65.761,-66.4615,-60.1995,12.9569,-13.0062,-32.8874,-56.9287,-60.9358,0.0,6.9608,54.5182,0.0,-26.7397,-47.6033,-55.4454,-51.801,-49.4219,-35.6061,-26.2348,-47.2483,-43.7549,-48.3154,-51.4889,-50.02,-50.9463,-53.0645,-53.8346,-48.2272,-47.6797,-48.2113,-54.8663,-60.5421,-53.5192],"intensity":[null,null,50.0,60.0,33.3333,100.0,87.5,11.1111,30.0,27.2727,66.6667,76.9231,57.1429,100.0,75.0,5.8824,22.2222,68.4211,10.0,85.7143,54.5455,13.0435,87.5,52.0,65.3846,55.5556,82.1429,55.1724,53.3333,93.5484,37.5,96.9697,85.2941,40.0,11.1111,24.3243,10.5263,5.1282,27.5,39.0244,9.5238,16.2791,2.2727,2.2222,6.5217,12.766,2.0833,6.1224,22.0,39.2157,40.3846,28.8462],"confirmation":[54.6667,41.2267,70.048,92.3389,57.0431,98.3003,41.1159,84.7583,90.5342,31.6672,33.9412,26.8412,27.3133,95.9553,83.0224,85.4899,88.0683,80.0888,7.9846,91.6705,84.2717,35.2424,36.3447,80.4212,84.0597,92.3393,86.7658,36.6204,56.3107,89.2623,7.1209,86.8824,84.7512,88.518,7.387,82.5162,52.268,79.6545,84.8045,52.0291,51.8344,79.9844,79.1199,78.4201,83.5328,80.301,53.9897,83.8255,81.2462,88.0138,92.4475,42.6586],"persistence":[33.3333,50.0,60.0,66.6667,71.4286,75.0,87.5,87.5,87.5,87.5,75.0,75.0,62.5,62.5,75.0,75.0,75.0,75.0,87.5,87.5,100.0,100.0,75.0,75.0,75.0,75.0,75.0,62.5,37.5,12.5,25.0,25.0,25.0,25.0,25.0,37.5,62.5,87.5,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"assessmentRisk":[null,null,9.4869,10.431,30.5511,2.8726,37.4132,8.1182,10.9103,37.6231,12.4139,12.451,34.6852,4.8126,25.382,21.558,18.6993,23.8548,26.376,11.6592,22.337,31.4283,9.9133,54.6697,30.6341,8.0242,20.8451,51.1313,13.089,17.9728,47.2696,17.569,21.2333,17.5443,41.678,21.8132,12.57,27.3588,9.6408,20.2203,31.7709,25.3866,26.1717,28.6636,24.1612,29.4123,34.0888,24.2113,28.1468,18.5029,12.2936,44.3691],"volumeParticipation":true,"latest":{"consensus":-11.2,"control":-11.0,"force":-47.9,"direction":-53.5,"confirmation":42.7,"persistence":100.0,"assessmentRisk":44.4,"intensity":28.8,"evidenceDepth":100},"analysis":{"status":"Joint downward confirmation","headline":"The gauges support the downward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same downward assessment.","take":"Current assessment: downward pressure has broad support.","tone":"negative","supportedView":"Price structure and Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Control support is limited","controlPath":"Control support is easing","forceState":"Downward commitment","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-11.2","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-11.0","detail":"Control support is limited","tone":"negative"},{"label":"SM Force Gauge","value":"-47.9","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-53.5","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"43/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"26.1","detail":"Stretched negative","tone":"negative"},{"label":"Risk pressure","value":"5.6%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"40.6","detail":"Directional","tone":"positive"},{"label":"Range position","value":"5%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility envelope.","reason":"Selected as the anchor because price and its trend references are aligned downward.","series":[{"label":"Close","values":[19.8,19.42,18.48,17.63,17.12,16.67,16.66,15.38,16.5,16.13,15.63,15.74,16.37,16.2,16.08,14.36,14.2,13.98,13.65,13.45,13.69,12.68,12.41,12.66,13.75,13.24,12.48,11.67,11.36,12.19,12.88,14.12,13.45,12.01,11.45,10.74,11.06,10.89,11.08,10.86,10.4,10.38,10.26,9.97,9.78,9.7,9.5,9.28,9.34,9.26,9.08,8.66,8.24,8.54],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,18.7914,18.4057,18.0883,17.5959,17.3966,17.1663,16.887,16.6785,16.6224,16.5456,16.4609,16.0789,15.7373,15.4178,15.0964,14.797,14.5958,14.2474,13.9134,13.6855,13.6972,13.6141,13.4079,13.0919,12.777,12.6703,12.7084,12.9651,13.0532,12.8636,12.6065,12.2672,12.0477,11.8372,11.6995,11.5469,11.3384,11.1641,10.9997,10.8125,10.6248,10.4566,10.2827,10.1004,9.9621,9.8345,9.6973,9.5087,9.278,9.1438],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,17.8575,17.7347,17.6121,17.3712,17.1363,16.9025,16.6616,16.4237,16.2212,15.9589,15.696,15.4711,15.3436,15.1878,14.9872,14.7415,14.491,14.3206,14.2139,14.2069,14.1508,13.9923,13.8039,13.577,13.3905,13.2053,13.0479,12.8858,12.7017,12.5297,12.3616,12.1844,12.0063,11.8355,11.6625,11.486,11.327,11.1739,11.0188,10.8441,10.6512,10.4948],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,20.1152,20.016,19.8958,19.7579,19.6346,19.5236,19.5693,19.5894,19.6,19.6168,19.6239,19.0513,18.5619,18.2315,17.9688,17.6758,17.4484,17.2285,17.2503,17.0559,16.7883,16.5512,16.3189,15.8543,15.3571,14.8155,14.7656,14.6386,14.5251,14.4123,14.3187,14.1875,14.1745,14.1739,14.1444,13.8957,13.7052,13.6237,13.6291,13.6313,13.5217,13.2591,12.583,12.0115,11.7395],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,14.6428,14.424,14.2975,14.3237,14.3269,14.3177,13.952,13.6306,13.3278,13.0148,12.7211,12.6827,12.4981,12.2215,11.9872,11.9432,11.8276,11.6295,11.2367,10.9171,10.7907,10.7528,10.8231,10.9957,11.0739,11.1525,10.8404,10.6534,10.4579,10.3137,10.1483,9.9505,9.7335,9.5191,9.2796,9.1313,8.9678,8.7513,8.5069,8.3027,8.1193,8.0019,8.132,8.1825,8.1075],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"drawdown","eyebrow":"Path risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the 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